Both Uses of
productivity
in
Atlas Shrugged
- I completed the experimental model of a motor that would have made a fortune for me and for those who had hired me, a motor that would have raised the efficiency of every human installation using power and would have added the gift of higher productivity to every hour you spend at earning your living.†
Chpt 3.7productivity = the value of production compared to value inputs
- The machine, the frozen form of a living intelligence, is the power that expands the potential of your life by raising the productivity of your time.†
Chpt 3.7 *
Definition:
economics and business: the value of production compared to value inputs such as labor and materials
(Often productivity is used as an abbreviation for "labor productivity" which is the value of production divided by the hours of labor to create that production)
(Often productivity is used as an abbreviation for "labor productivity" which is the value of production divided by the hours of labor to create that production)
Increases in productivity permit rising standards of living. For example, if inflation-adjusted labor productivity increases 2% a year, the economy would create about 50% more output per hour after 20 years.